Half Hourly Chart
A hanging man at key resistance.The candle inspite of having a bullish lower shadow shows bears were active and were successful in pushing prices down.The overbought status of the oscillators makes the rally vulnerable to bear attacks.All rallies are suspect till the high of 6338 is taken out.
Today's candle conformed with the higher high higher low needed for the continuation of the uptrend. The golden cross of the 50 & 200 ema was maintained for the second day.The close was also above the 61.8% fibo level of the fall from 6338 to 5177 for the second continuous day.Corrections have only been intraday indicating profit booking rather than short selling and also shows good buying support.
Bullishness is more prominent on the charts. The only nagging fact is that the rally is getting older. The trend is your friend and preempting a reversal is foolhardiness. Trade long with stops as per your risk appetite.
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